Regulating the Visible Hand?

Benjamin L. Liebman is the Robert L. Lieff Professor of Law and Director of the Center for Chinese Legal Studies at Columbia University Law School. His current research focuses on Chinese tort law, on Chinese criminal procedure, on the impact of popular opinion and populism on the Chinese legal system, and on the evolution of China's courts and legal profession. Professor Liebman is recognized as one of the leading scholars of Chinese law, and consulted with both the U.S. and Chinese governments on legal developments in China. He previously served as a law clerk to Justice David Souter and to Judge Sandra Lynch of the First Circuit. He is a graduate of Yale, Oxford, and Harvard Law School.Curtis J. Milhaupt is the Parker Professor of Comparative Corporate Law, Director of the Parker School of Foreign and Comparative Law, the Fuyo Professor of Japanese Law, and Director of the Center for Japanese Legal Studies--all at Columbia University Law School. He is also a member of Columbia University's Weatherhead East Asian Institute, the American Law Institute, and the European Corporate Governance Institute. His research, which focuses on comparative corporate governance, the legal systems of East Asia, state capitalism, and the relationship between legal institutions and economic development, has been featured in The Economist, the Financial Times and The Wall Street Journal, and has been widely translated.

The book can safely be recommended to anyone interested in Chinese political economy in general or SOEs specifically ... The ground covered through all three parts is vast and conceptually envelops SOEs in China between various points of view dealing with the political, social and global aspects, all of which have an unfortunate tendency of absence in more traditional and sterile research. Indeed, the relatively large number of chapters, expert contributors and content puts this volume halfway toward becoming a handbook on Chinese state capitalism ... With the logical arch of this volume spanning from the regulation pertaining to the largest economic subjects in China and finishing in the comparative issues of Chinese capitalism, unafraid to tackle questions such as labor organization, Party political elites and international implications along the way, it is well poised to become another useful voice.

• List of Contributors ; Acknowledgments ; Introduction: The Institutional Implications of China's Economic Development ; Benjamin L. Liebman and Curtis J. Milhaupt ; Part I: Domestic Institutional Implications ; 1. Indigenous Evolution of SOE Regulation ; Deng Feng ; 2. Blowback: How China's Efforts to Bring Private-Sector Standards into the Public Sector Backfired ; Donald Clarke ; 3. Protecting the State from Itself? Regulatory Interventions in Corporate Governance and the Financing of China's "State Capitalism" ; Nicholas Calcina Howson ; 4. Quenching Thirst with Poison? Local Government Financing Vehicles - Past, Present and Future ; Liao Fan ; 5. Antitrust Regulation of China's State-Owned Enterprises ; Angela Huyue Zhang ; 6. Taxation of State-Owned Enterprises: A Review of Empirical Evidence from China ; Wei Cui ; 7. Balancing Closure and Openness: The Challenge of Leadership Reform in China's State-Owned Enterprises ; Li-Wen Lin ; 8. Legal Informality and Human Capital Development in China ; Chen Ruoying ; 9. Reforming China's State-Owned Enterprises: Institutions, Not Ownership ; Curtis J. Milhaupt and Wentong Zheng ; 10. SOEs and State Governance: How State-Owned Enterprises Influence China's Legal System ; Zheng Lei, Benjamin Liebman and Curtis J. Milhaupt ; 11. The Social Relations of Chinese State Capitalism ; Mary E. Gallagher ; 12. Chinese State Capitalism and the Environment ; Alex Wang ; Part II: Global Institutional Implications ; 13. China's Rising Outward FDI: Its Reception in Host Countries and Implications for International Investment Law and Policy ; Karl P. Sauvant and Michael D. Nolan ; 14. The WTO and China's Unique Economic Structure ; Mark Wu ; Part III: Chinese State Capitalism in Comparative Perspective ; 15. The Hybridization of China's Financial System ; Katarina Pistor, Guo Li & Zhou Chun ; 16. Governing State Capitalism: The Case of Brazil ; Mariana Pargendler ; 17. Chinese Exceptionalism or New Varieties of State Capitalism ; Sergio Lazzarini and Aldo Musacchio ; Index